At the end of the day, whatever they choose to spend their money is their choice. Some people are fine to fritter away money, even if you'd much rather buy the latest pedal/amp/pickup whatever. It works in reverse too - I'm sure lots of people have looked at my gear and thought, why has he got so much? I used to get a lot of stick off my parents for that!
One of my best mates used to earn a lot at 18, and wasted it all. But he had fun, I guess that's why we spend money, if we don't enjoy the actual act of spending, we enjoy the result of whatever we spend it on - be that beer or books or guitars. Diff'rent strokes...
Having said that, at university here, it can be hard when you see people who have so much and mummy and daddy bought it all for them. But that's life; there's $% all I can do about it! I'm proud to look at my (fairly extensive) gear set up and to know that every single thing in it, I worked for and bought with my own cash. Even if I get rich, I'd like to teach my children the value of earning your money. :D